Independent Discussion Guidelines
Tax Locally, Serve Globally, as your accompanying story says, http://www.independent.com/news/2014/...
at_large (anonymous profile)July 20, 2014 at 11:16 a.m. (Suggest removal)
FACT SHEET FOR SBCC BONDS * The Santa Barbara Community College District is comprised of Carpinteria, Summerland, Montecito, The City of Santa Barbara and Goleta. ("The District") and runs from the Ventura County Line to Gaviota. * The SBCC District plans to issue an additional $288,000,000 in bonds, if approved by 55% of voters in The District. The bonds will be issued over a period of 10-years and have a post issue life of 25 years. With an interest rate of only 4.5%, the total cost of the bonds will be at least over ONE-HALF BILLION DOLLARS! (The FED just announced on Aug. 1st that interest rates will rise.) The previous SBCC bonds of 2008, totaling well over ONE HUNDRED TWENTY FIVE MILLION DOLLARS in principal and interest, have not been paid back yet. * Specifically what the $288,000,000 generated from the bonds will be used for has not been fully explained in detail. The entire SBCC campus is functionally obsolescent and has been so for at least 20-years! * The bonds will be financed and repaid solely by all the property owners in The SBCC District.
* The bonds will add approximately $17.00 for every $100,000 of assessed valuation to the property tax bill of The District's property owners (residential and commercial) over the 25 year life of the bonds. The exact assessment amount cannot yet be determined. * The bonds will increase the tax bills of residential and commercial property owners. Landlords of residential and commercial properties will raise their rents. * SBCC has a total enrollment of 30,000 students. Over12,000 students who are enrolled come from outside The District. They are from other areas in California and also come from outside California and from other countries.
* The over 12,000 outside SBCC students each semester take up local housing stocks and force up local rents. Both result in unaffordable housing for locals, forcing many to commute.
* 20% of the Measure S bond money has been designated for an Aquatics Facility and a Sports Pavilion! The dollar amount is about $100 million of your money, including interest!
* Should The District's residential and commercial property taxpayers and renters pay over ONE-HALF BILLION DOLLARS to finance the education of the future hundreds of thousands of students who do not come from The District?
This question will have to be answered by the voters of the District.
ErnieSalomon (anonymous profile)August 3, 2014 at 5:16 p.m. (Suggest removal)